Retirement Benefit Plans

6 Months Ended

Jun. 28, 2025

Note M - Retirement Benefit Plans

The Company has four non-contributory defined benefit pension plans covering most U.S. employees. All of these pension plans are frozen and participants in these plans have not accrued benefits since the date on which these plans were frozen. Plan benefits are generally based upon age at retirement, years of service and, for the plan covering salaried employees, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain former officers with benefits in excess of limits imposed by federal tax law.

The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements.

Significant disclosures relating to these benefit plans for the second quarter and first six months of fiscal years 2025 and 2024 are as follows:

	Pension Benefits
	Three Months Ended						Six Months Ended
	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Service cost	$	184,287		$	178,004		$	361,749		$	356,007
Interest cost		987,679			966,704			1,938,776			1,933,406
Expected return on plan assets		(1,100,704	)		(1,099,034	)		(2,160,640	)		(2,198,069	)
Amortization of prior service cost		-			-			-			-
Amortization of the net loss		301,791			327,363			592,406			654,728
Net periodic benefit cost (benefit)	$	373,053		$	373,037		$	732,291		$	746,072

	Other Postretirement Benefits
	Three Months Ended						Six Months Ended
	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
Service cost	$	2,206		$	3,574		$	4,331		$	7,148
Interest cost		12,132			12,951			23,815			25,902
Expected return on plan assets		(4,963	)		(4,684	)		(9,743	)		(9,368	)
Amortization of prior service cost		(864	)		1,060			(1,696	)		2,120
Amortization of the net loss		(23,982	)		(19,567	)		(47,075	)		(39,134	)
Net periodic benefit gain	$	(15,471	)	$	(6,666	)	$	(30,368	)	$	(13,332	)

The Company’s funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In fiscal year 2025, the Company expects to make cash contributions to its qualified pension plans of approximately $2,900,000 and approximately $42,000 into its other postretirement plan. As of June 28, 2025, the Company has contributed $1,600,000 to its pension plans and $12,000 to its postretirement plan in fiscal year 2025 and expects to make the remaining contributions as required during the remainder of the fiscal year.

The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) covering substantially all U.S. non-union employees. The 401(k) Plan allows participants to make voluntary contributions from their annual compensation on a pre-tax basis, subject to limitations under the Internal Revenue Code. The 401(k) Plan provides for contributions by the Company at its discretion.

The Company made contributions to the 401(k) Plan as follows:

	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Regular matching contribution	$	239,797	$	261,993	$	546,436	$	547,556
Transitional credit contribution		18,622		21,964		42,487		50,870
Non-discretionary contribution		87,415		102,873		195,907		213,763
Total contributions for the period	$	345,834	$	386,830	$	784,830	$	812,189

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EASTERN CO 10-Q